The CFPB has declared that Buy Now, Pay Later lenders must follow credit card rules. This means they must investigate disputes and refund charges, ensuring consumer protection. The decision comes after a study found growing issues in the Buy Now, Pay Later market. Consumers had faced problems with returns and disputes. The ruling aims to bring consistency and fairness to this fast-growing industry. Lenders now need to act like traditional credit card providers, offering similar rights to consumers. Public feedback is invited until August 1, 2024.
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